Centaurus Metals Limited · ASX:CTM
Centaurus Metals — Shareholder Meeting (May 2026)
41 slides from Centaurus Metals's shareholder meeting presentation, May 28, 2026
Slide 1: Delivering the World's next major nickel sulphide mine
Delivering the World’s next major nickel sulphide mine Advancing the Jaguar Project in Brazil to FID and development AGM PRESENTATION 28 MAY 2026
Slide 2: Disclaimer
Disclaimer ► This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does not take into
Slide 3: Investment Case
Investment Case Delivering the World’s next major nickel sulphide mine ► Tier-1 scale nickel sulphide project with significant upside – 1.2Mt contained Ni ► Initial 15-year open pit operation both bottom quartile costs and strong margins ► Strong ESG credentials and low-carbon footprint ► Outstandin
Slide 4: Nickel Market: Size & Overall Outlook
Nickel Market: Size & Overall Outlook Demand outpacing nickel supply Nickel Market Size & Growth Supply (Kt) Demand (Kt) Weeks' World Demand (Weeks) US$70bn 15 19 17 17 18 18 17 2025 Market Size1 4,689 4,700 US$94bn 4,519 4,448 4,309 2030 Market Size1 4,166 3,982 3,932 3,846 3,736 3,742 5.9% 3,560 3
Slide 5: Nickel Market: Base Metals Outlook
Nickel Market: Base Metals Outlook Nickel leads the way on demand growth Base Metals 5-Year Demand Growth Base Metals Market Size (US$mm)1 2025 Nickel Copper Aluminium Zinc Lead Tin 3.7% 2.8% 9.6% 35.0% 5.6% 33.5% 30.0% 30.6% 47.7% 25.0% Nickel Copper Aluminium Zinc Lead Tin 20.0% 2030 15.0% 14.8% 3
Slide 6: Nickel Market: Demand Outlook & Growth
Nickel Market: Demand Outlook & Growth Resilient demand growth meets a stalling supply pipeline Annual Nickel Demand Increase / Annual Nickel Demand Increase / (Decrease) (Decrease) Stainless Steel Batteries Other Supply Growth 2025A – 2030E CAGR 423 Stainless Steel: 5.1% 47 Batteries: 8.7% 282 167
Slide 7: Nickel Market & Pricing
Nickel Market & Pricing Supply Disruptions Impacting LME Nickel Price Nickel prices are becoming more and more about Indonesian government policy and with their continued fiscal deficit and antiquated fuel subsidies they are only going to need to continue to extract more value from Ni exports which
Slide 8: Nickel Market: Structural Surplus to Balance
Nickel Market: Structural Surplus to Balance Indonesia rewrites the 2026 picture Estimated Balance Decline 2026 Indonesian YoY Output Indonesia’s Share of Nickel Supply Combined Ore & Sulphur Impact -142Kt -1% 65% +US$7,500/t Sulphur cuts and ore quotas tip 2026 RKAB enforcement caps quotas; Weda Si
Slide 9: Nickel Market: Hormuz Crisis Resets the Cost Floor
Nickel Market: Hormuz Crisis Resets the Cost Floor Sulphur has become both a cost-floor driver and a physical bottleneck 1 The Iran War 2 Hormuz Closed 3 Nickel Transmission US and Israeli strikes on Iran in late February killed the Strait effectively closed since March; US naval blockade of Indones
Slide 10: Nickel Market: Sulphur as the New Cost Driver
Nickel Market: Sulphur as the New Cost Driver How sulphur prices reshape Indonesian HPAL economics Per Benchmark Mineral Intelligence, under base-case HPAL assumptions, each tonne of contained nickel requires approximately 10.24 tonnes of sulphur. At US$700/t sulphur, this implies a sulphur cost of
Slide 11: Nickel Market: Indonesian Laterites Drive Pricing
Nickel Market: Indonesian Laterites Drive Pricing Indonesia slowdown and sulphur costs lift laterite pressure Indonesia Slowdown Market is Shifting Pressure on Laterites While Indonesia remains the key source of supply Nickel pricing is increasingly being set by Indonesian Laterite processing is mat
Slide 12: Brazil – Highly Favourable Mining Jurisdiction
Brazil – Highly Favourable Mining Jurisdiction Active Government support for Critical Minerals STRATEGIC MINERALS FOCUS ENVIRONMENTAL ROAD MAP TO MINING Approval process clearly Well-established mining Strong support from defined with Jaguar regulation and tenement government for strategic Prelimina
Slide 13: Board & Capital Structure
Board & Capital Structure (ASX:CTM, OTCQX: CTTZF) Highly Experienced Board 566m An experienced leadership team, clean corporate structure Shares on issue A$357m Market cap at A$0.63 73% and strong balance sheet with a clear pathway to value growth as project development advances. Top-20 holders 43.6
Slide 14: Brazil's Carajás Mineral Province
Brazil’s Carajás Mineral Province A world class global mining province – “land of the giants” The Carajás contains one of the world’s largest known concentrations of large-tonnage world-class mineral deposits 14
Slide 15: Jaguar - Site Layout
Jaguar - Site Layout Optimised site layout utilising natural topography and reducing costs 15
Slide 16: A New Global Nickel Sulphide Powerhouse
A New Global Nickel Sulphide Powerhouse Large-scale, long-life project moving to FID Ready to go Key Environmental Licences issued Mining Lease granted Tier-1 Scale Mineral Resource: 138.2Mt @ 0.87% Ni – 1.2Mt Ni Ore Reserve: 52Mt at 0.78% Ni – 406,100t Ni Average Ni production first 7 yea
Slide 17: Jaguar – Approvals & Stakeholder Engagement
Jaguar – Approvals & Stakeholder Engagement ALL KEY APPROVALS & LICENCES IN PLACE TO BUILD JAGUAR ● Mining Lease ISSUED ● Preliminary Licence (LP) ISSUED ● Installation Licence (LI) ISSUED ● LP and LI for power line APPROVED LAND ACCESS ● Mining Easement ISSUED – supports timely access to all areas
Slide 18: Jaguar – A World-Class Nickel Deposit
Jaguar – A World-Class Nickel Deposit Tier-1 Resource with further exceptional growth potential JORC MRE: 138.2Mt @ 0.87% Ni for 1.20 million tonnes of contained nickel The only high-grade, shovel ready, undeveloped nickel sulphide deposit globally with +1Mt of contained nickel metal 18 Refer to sli
Slide 19: Jaguar - Mining Operations
Jaguar - Mining Operations Optimised 15-year conventional open pit mine plan ► JORC Reserve - 52.0Mt @ 0.78% Ni for 406,100t tonnes Ni metal ► Open pit mining by Brazilian Mining Contractor ► Tailings facilities built from ex-mine waste production to reduce costs ► Minimal oxide waste strip required
Slide 20: Jaguar - Process Flowsheet
Jaguar - Process Flowsheet Process plant to produce very high-grade nickel concentrate ROM CRUSHING AND RECLAIM GRINDING ► 3.5Mpta process plant design Feed Pebble Crusher Crushed Ore ► Conventional comminution circuit (single Jaw Stockpile stage jaw crusher followed by a SAG and Ball Crusher mill c
Slide 21: Jaguar – Low Operating Costs to Drive Strong Margins
Jaguar – Low Operating Costs to Drive Strong Margins First quartile AISC amongst global operators and developers Life-of-mine AISC of US$4.43 (Payable Basis) ~US$0.04/kWh grid powered – powered by +80% by renewables Conventional open-cut mining and processing 21 Sources: Wood Mackenzie 2024 All-in-S
Slide 22: Jaguar – Nickel Price vs AISC
Jaguar – Nickel Price vs AISC LME Nickel Price Centaurus hasn’t been waiting for the US$/lb 25.0 cycle to turn - but rather significantly derisking the project in advance of the anticipated market improvement 20.0 15.0 10.0 Jaguar Acquired 5.0 Apr-06 Apr-08 Apr-10 Apr-12 Apr-14 Apr-16 Apr-18 Apr-20
Slide 23: Jaguar - Production Profile
Jaguar - Production Profile Globally significant project delivering 22.6ktpa of Ni over first 7 years 3.5 Mtpa Conventional Process Plant 18,700tpa LOM Avg Annual Production 70% Avg Process Recovery 23
Slide 24: Jaguar - Upside and Growth Opportunities
Jaguar - Upside and Growth Opportunities Improvement opportunities to be pursued after FID ► Resources of 21.5Mt at 1.46% Ni for 313kt of contained nickel metal below the current pits ► 15.5Mt at 1.50% Ni for 233kt of contained nickel metal of these Resources are in the Measured and Indicated catego
Slide 25: Jaguar - Financial Metrics
Jaguar - Financial Metrics Strong free cash-flow of US$169m pa (A$264m) over first 7 years US$3.84/lb LOM C1 Cash Costs (payable basis) US$4.43/lb LOM AISC (payable basis) US$1.62b Free Cash Flows Capital Payback 1.8 years (Post Tax basis, US$9/lb Ni Price) 25
Slide 26: Jaguar – Offtake and Financing Process Gaining Momentum
Jaguar – Offtake and Financing Process Gaining Momentum Binding Offtake Agreement Secured Offtake ► Maiden nickel Offtake Agreement secured with Glencore AG ► Covers supply of 20,000tpa of high-grade nickel concentrate (~6,400 tpa of nickel in concentrate) ► Average one-third of Jaguar’s forecast pr
Slide 27: Jaguar - Project Implementation Schedule
Jaguar - Project Implementation Schedule Permitting well advanced, funding now key to FID by end Q3 2026 27
Slide 28: Boi Novo Copper-Gold Project
Boi Novo Copper-Gold Project Emerging copper- gold discovery in the Carajás 28
Slide 29: Brazil's Carajás Mineral Province
Brazil’s Carajás Mineral Province A Tier-1 global mining province – “land of the giants” Located 35km from Vale’s concentrate rail load-out facility and 20km from BHP’s Antas Norte Cu flotation plant 29
Slide 30: Boi Novo Project – Copper-Gold Exploration
Boi Novo Project – Copper-Gold Exploration The Carajás is the world’s premier IOCG address ► Project footprint recently expanded with acquisition of Rio FLEM and initial surface exploration ongoing Novo tenure, immediately north of Boi Novo on new Rio Novo tenure ► Drilling at Boi Novo continues to
Slide 31: Jambreiro Iron Ore Project Permit Renewal
Jambreiro Iron Ore Project Permit Renewal Underway for DR Pellet Feed Product 31
Slide 32: Jambreiro – Well Located for Domestic & Global Markets
Jambreiro – Well Located for Domestic & Global Markets ► 110km from Ipatinga steel-making region ► JORC Resource of 127.1Mt ► Initial Ore Reserve of 43.3Mt – Friable Ore only ► Over 19,000m of diamond and RC drilling to support JORC Resource and Reserve ► Over US$25 million spent on exploration, fea
Slide 33: Jambreiro – Ore Reserves & Mineral Resource Estimate
Jambreiro – Ore Reserves & Mineral Resource Estimate Ore Reserve Million Project Fe (%) SiO2 (%) Al2O3 (%) P (%) LOI (%) Classification Tonnes Proved 30.6 29.4 49.8 4.2 0.04 1.6 Jambreiro* Probable 12.7 28.4 49.5 4.7 0.04 2.2 TOTAL 43.3 29.1 49.7 4.4 0.04 1.8 JORC ORE RESERVE PRODUCES 18MT OF HIGH G
Slide 34: Jambreiro – Testwork Produces High Quality DRPF Product
Jambreiro –Testwork Produces High Quality DRPF Product Results to further support offtake discussions Pilot Plant Testwork – February 2026 ► Over half a tonne of high-grade DRPF concentrate produced a high-quality direct reduction (DR) product. ► Product delivered with a mass recovery of 40.3% and a
Slide 35: Jambreiro Flowsheet to Produce DR Concentrate – Post Pilot
Jambreiro Flowsheet to Produce DR Concentrate – Post Pilot FEED PREPARATION CONCENTRATION SCAVENGING Spirals C Ball Mill ROM Desliming “Scavenger” C Stockpile C T C+M -1mm MIMS (WDRE) T +50mm C T Thickener Oversize Primary WHIMS - RG Screening T C+M Tertiary -50mm Crusher WHIMS - CL WHIMS - SCV Filt
Slide 36: Jambreiro – Metallurgy
Jambreiro – Metallurgy High-quality DR product for green steel demand ► Product Quality & Performance • 67.8% Fe high-grade concentrate • 1.93% SiO₂ + Al₂O₃ (DR spec requires <2%) • 0.02% P (very low) • 40% mass recovery • 89% metallurgical recovery ► Suitable for DR/EAF steelmaking routes ► Low sli
Slide 37: Jambreiro – Approvals & Stakeholder Engagement
Jambreiro – Approvals & Stakeholder Engagement Environmental Approvals (3.0Mtpa project) ► New Environmental Impact Assessment (EIA/RIMA) – Lodged and awaiting approval ► Key LP & LI Environmental Approvals previously issued for up to 3Mpta of production under renewal to incorporate removal of taili
Slide 38: Key Investment Takeaways
Key Investment Takeaways ► Tier-1 scale nickel asset at Jaguar ► Strong cashflow once in production ► All key environmental permits & licences in place ► First offtake agreement secured with Glencore ► Debt & equity project funding set to unlock huge value ► Non-binding indicative offers of debt fin
Slide 39: Delivering the World's next major nickel sulphide mine
Delivering the World’s next major nickel sulphide mine Darren Gordon Managing Director : +61 8 6424 8420 : office@centaurus.com.au : Centaurus Metals : @CentaurusMetals
Slide 40: Jaguar Nickel Sulphide Project
Jaguar Nickel Sulphide Project August 2024 Mineral Resource Estimate & May 2025 Ore Reserve Estimate Grade Contained Metal (Tonnes) Classification* Mt Ni % Cu % Co ppm Ni Cu Co Measured 14.8 1.06 0.07 388 156,100 10,200 5,900 Indicated 97.8 0.84 0.06 246 822,800 61,100 24,000 Measured & Indicated 11
Slide 41: Data and references for comparison of nickel sulphide deposits
Centaurus Data and references for comparison of pre-mined resources of global nickel sulphide Deposits and Camps Current Resource MI&I - Ni Metal Historic Prodn (h) Pre-Mined Resource MI&I Camp / Deposit Country Company Stage Resource Date Measured (f) Indicated Inferred Total Mt Ni in-situ Mt Ore %